It is possible to eradicate extreme poverty worldwide within our generation, David Cameron said (video) at the close of a UN conference called to set out the world's next development goals. The new goals are to succeed the millennium development goals that expire in 2015.

The prime minister stressed that a more responsible capitalism was required, including greater tax transparency. Britain, along with Liberia and Indonesia, is co-chairing a high-level panel on the new UN goals.

Cameron also promised as chairman of the G8 to push western countries that failed to stick to their aid pledges. Britain has maintained its pledge to ringfence 0.7% of its gross domestic product for aid, something which has been fiercely opposed by some in Cameron's party.

"I'm proud of the fact that Britain keeps its promises. I'm proud to be the prime minister who has helped to deliver," he said.

Cameron said the primary aim of the new UN goals "should be to eradicate extreme poverty. That should be our rallying cry. We can do it in our generation." The UN panel is handling international cross-currents as countries put forward differing demands to be placed in the goals, thus threatening to make the process unfocused and diffuse.

Cameron, who is also pushing a development agenda as chair of the G8, said: "The good thing about the G8 is that there is an accountability mechanism, so you can see the promises all the rich countries have made and we will be publishing an accountability report when the G8 meets in Northern Ireland in June."

He insisted the G8 and the new development goals could create an energy around issues of world poverty similar to that generated in 2005 during the UK chairmanship.

"I believe we can enthuse people about this agenda so long as we persuade people that this is not only about money. It is the fact that you cannot have growth and poverty reduction if you have conflict, if you have corruption, if you have lack of justice and access to law. I think it is very important we stand up for these governance issues."

He said the requirement for transparency extended from governments to companies and that he did not think inequality should be put ahead of growth as that would miss the point.

"There are many people, including yards from this room, who are surviving on less than $1 a day. There are countries where one in 10 children don't make it to the age of five – that sort of extreme poverty, in all its forms, has to be addressed."